[Stoots]

Not really window cleaning but relevant to us self employed.

I'm 40 and I have no pension and no real savings (just blown pretty much all I had on a mortgage deposit and home improvements).

Anyway can anyone advise on the best retirement strategy going forward ?

I'm not sure what to do with my money whether to chuck it in a pension, isa or maybe invest in the business etc?

What does everyone else do ?

Would a financial advisor be able to help ? I spoke to one a few years ago and they just wanted me to sign up to their pension scheme and make money it seemed.

[Shrek]

I don’t bother with pensions , I have buy to let and put money in the stock market . It’s a bear market at the moment so the best time to buy

[Ascjim]

My accountant always says, any spare money, out it on a buy to let mortgage.

If I was you I would go and see someone to tell you what options you have.

[Stoots]

My accountant always says, any spare money, out it on a buy to let mortgage.

If I was you I would go and see someone to tell you what options you have.

Cheers

I think that would be my preferred option property but don't know if I would get another mortgage .

I guess a mortgage adviser would be the person to talk to thanks

[Ched]

Might be worth paying for financial advice. A lot of the 'free' financial advice is just a way of selling policies be that pensions, life insurance, loss of earnings, critical illness etc.
That said I'm not sure how you find a good reputable (if they exist) financial adviser!

[dd]

A pension or ISA is just  "Wrapper" in which to hold an investment, you need to figure out which investment to hold.

I hold a range of investments. As an example: The City of London Investment Trust currently yields 4.75% and has increased it's dividend for over 50 consecutive years.

I would try and educate myself about the world of investments. Personally I favour pooled investments - Investments Trusts and ETFs which have lower charges.

If you were to invest between 1 or 2 days monthly income you would in time build a decent nest egg.

[Perfect Windows]

Not really window cleaning but relevant to us self employed.

I'm 40 and I have no pension and no real savings (just blown pretty much all I had on a mortgage deposit and home improvements).

Anyway can anyone advise on the best retirement strategy going forward ?

I'm not sure what to do with my money whether to chuck it in a pension, isa or maybe invest in the business etc?

What does everyone else do ?

Would a financial advisor be able to help ? I spoke to one a few years ago and they just wanted me to sign up to their pension scheme and make money it seemed.

If you're going to start a pension the only thing that matters is charges*. It's been proven that no-one can beat the market consistently, so put your money into the cheapest index tracker you can find. At the moment, by far the lowest charges are with Vanguard (0.15% overall then choose index tracker funds with lowest charges inside that). All online, dead easy to start, minimum investment either £500 lump or £100 a month.

Don't delay. The later you start the less money you'll get back. 40 is not too late to start. It's definitely better than starting at 41.

Vin

*If I'd been with Vanguard paying their charges since I started saving, I've calculated that my pot would be 40-50% bigger than it currently is. Small percentages matter as they compound over time. Salesmen will sell you policies with the highest commissions they can. Guess who pays their fees?

[Stoots]

A pension or ISA is just  "Wrapper" in which to hold an investment, you need to figure out which investment to hold.

I hold a range of investments. As an example: The City of London Investment Trust currently yields 4.75% and has increased it's dividend for over 50 consecutive years.

I would try and educate myself about the world of investments. Personally I favour pooled investments - Investments Trusts and ETFs which have lower charges.

If you were to invest between 1 or 2 days monthly income you would in time build a decent nest egg.

Yes you are right I don't understand any if that.

I'll get my headphones in whilst working and find some audio on the subject  cheers

[Stoots]

Not really window cleaning but relevant to us self employed.

I'm 40 and I have no pension and no real savings (just blown pretty much all I had on a mortgage deposit and home improvements).

Anyway can anyone advise on the best retirement strategy going forward ?

I'm not sure what to do with my money whether to chuck it in a pension, isa or maybe invest in the business etc?

What does everyone else do ?

Would a financial advisor be able to help ? I spoke to one a few years ago and they just wanted me to sign up to their pension scheme and make money it seemed.

If you're going to start a pension the only thing that matters is charges*. It's been proven that no-one can beat the market consistently, so put your money into the cheapest index tracker you can find. At the moment, by far the lowest charges are with Vanguard (0.15% overall then choose index tracker funds with lowest charges inside that). All online, dead easy to start, minimum investment either £500 lump or £100 a month.

Don't delay. The later you start the less money you'll get back. 40 is not too late to start. It's definitely better than starting at 41.

Vin

*If I'd been with Vanguard paying their charges since I started saving, I've calculated that my pot would be 40-50% bigger than it currently is. Small percentages matter as they compound over time. Salesmen will sell you policies with the highest commissions they can. Guess who pays their fees?

Cheers Vin I'll have a look into that.

Yes I once phoned what I thought was an independent financial advisor a few years ago. He came round to my house "free" . But I soon realised his advise wasn't really that independent as he tried to sell me a pension  with quite a high commission when all I was really after was advice so I guess I spoke to the wrong person. 

[Perfect Windows]

A pension or ISA is just  "Wrapper" in which to hold an investment, you need to figure out which investment to hold.

I hold a range of investments. As an example: The City of London Investment Trust currently yields 4.75% and has increased it's dividend for over 50 consecutive years.

I would try and educate myself about the world of investments. Personally I favour pooled investments - Investments Trusts and ETFs which have lower charges.

If you were to invest between 1 or 2 days monthly income you would in time build a decent nest egg.

Yes you are right I don't understand any if that.

I'll get my headphones in whilst working and find some audio on the subject  cheers

Happy to have a chat if you want to drop me a line.

I'm not an expert and I'm definitely not a financial adviser but I've been burnt badly enough to know what to do in general terms.

You also MUST speak to your accountant. Set up properly, payments into a pension come out of your salary before it is taxed, so your payments are tax-free. Effectively, put in £100 and £100 + refunded tax goes in. But beware of your accountant telling you to speak to his mate, the financial adviser - you know where that's leading.

Vin

[Simon Trapani]

I don’t trust any  financial  advisors really. But I did start a pension with these people a couple of years back: https://getpenfold.com/

It’s app based. Might be worth you having a look. Takes 5 mins to setup. You can stop & start when you want & you don’t have to speak to anyone. Seems to gave good reviews.

[deeege]

Not really window cleaning but relevant to us self employed.

I'm 40 and I have no pension and no real savings (just blown pretty much all I had on a mortgage deposit and home improvements).

Anyway can anyone advise on the best retirement strategy going forward ?

I'm not sure what to do with my money whether to chuck it in a pension, isa or maybe invest in the business etc?

What does everyone else do ?

Would a financial advisor be able to help ? I spoke to one a few years ago and they just wanted me to sign up to their pension scheme and make money it seemed.

If you're going to start a pension the only thing that matters is charges*. It's been proven that no-one can beat the market consistently, so put your money into the cheapest index tracker you can find. At the moment, by far the lowest charges are with Vanguard (0.15% overall then choose index tracker funds with lowest charges inside that). All online, dead easy to start, minimum investment either £500 lump or £100 a month.

Don't delay. The later you start the less money you'll get back. 40 is not too late to start. It's definitely better than starting at 41.

Vin

*If I'd been with Vanguard paying their charges since I started saving, I've calculated that my pot would be 40-50% bigger than it currently is. Small percentages matter as they compound over time. Salesmen will sell you policies with the highest commissions they can. Guess who pays their fees?

Good post Vin. This is also my strategy by way of investing through a s&s isa, that way I have full control. I spend an hour or so each week reading and learning about the various trackers and indexes and stick to those rather than individual shares. One day hope to have enough to live off the interest and growth  relatively risk free.

[dazmond]

Not really window cleaning but relevant to us self employed.

I'm 40 and I have no pension and no real savings (just blown pretty much all I had on a mortgage deposit and home improvements).

Anyway can anyone advise on the best retirement strategy going forward ?

I'm not sure what to do with my money whether to chuck it in a pension, isa or maybe invest in the business etc?

What does everyone else do ?

Would a financial advisor be able to help ? I spoke to one a few years ago and they just wanted me to sign up to their pension scheme and make money it seemed.

i wouldnt worry about pensions mate...you ll be pushing up the daises before retirement age

[KS Cleaning]

Getting the right property at the right price with good rent potential can be a good investment. I get a 10% yield on two properties, they have also risen in value substantially since I bought them in 2016. But there is less tax relief available now on mortgage payments and there is a 3% additional charge for LBTT tax / Stamp duty for second homes ( I managed to avoid this as I bought mine before it was implemented in April 2016)

[Shrek]

Not really window cleaning but relevant to us self employed.

I'm 40 and I have no pension and no real savings (just blown pretty much all I had on a mortgage deposit and home improvements).

Anyway can anyone advise on the best retirement strategy going forward ?

I'm not sure what to do with my money whether to chuck it in a pension, isa or maybe invest in the business etc?

What does everyone else do ?

Would a financial advisor be able to help ? I spoke to one a few years ago and they just wanted me to sign up to their pension scheme and make money it seemed.

i wouldnt worry about pensions mate...you ll be pushing up the daises before retirement age

Brilliant 😂

[cgh window cleaning]

I know you commented recently on you getting a mortgage and your repayments are quite low.

Although not an investment with interest rates so low I would also recommend while your earning good money to overpay your mortgage you will be surprised just how much interest long term and time you can shave of your current mortgage.

This could give you a deposit when you decide to re mortgage.

[H2GoKent]

If you pay for advice they will say it depends on your 'attitude to risk' what you do with spare money.

A safe bet is a NEST pension or similar as they have lower charges, the advantage of a pension is that if you pay in £100 the government put 20% or so, so that's free money.  Time spent in the market is important and at 40 you have time for your money to grow

I have some of my Emergency money in Vanguard S & P 500 fund as that has really grown well historically.
Another worthwhile thing is overpaying your mortgage a bit once you have about 6 months in bills saved up, I saw my mortgage as a debt and always overpaid and have never regretted it.

Those are all low risk options, there is probably more money to be made if you are willing to risk some or all of your money

Glad to se someone thinking about the future so many just spend what they earn, when things are going well and then when they get older they have nothing to fall back on, having said that try and enjoy yourself as well,,

[dazmond]

State pension and savings....that's it for me...

I have no plans to retire though.i will only retire when I'm forced to.

[dazmond]

My missus is overpaying her mortgage so she ll/we ll be mortgage free by the time we re 55.shes also spent thousands on new driveway,fencing,garden and decorated every room in the house with new wallpaper,furniture and I now have a dedicated drum room!

[dazmond]

Hours of fun in this room(without annoying neighbours too!)😛😛